Personal Loans for Self-Employed: Eligibility, Documents Required & How to Apply

Self-employed individuals are often in doubt about whether their personal loan application will be approved or not. Traditionally, banks and other financial institutions have favoured salaried individuals with listed companies for loan applications. Although, it’s not the same today.

Self-employed individuals can now easily get a personal loan for themselves. The document requirement and eligibility criteria for a personal loan for self employed person may differ. We will discuss these details in today’s blog.

Eligibility criteria – Personal loan for self-employed

The eligibility criteria to get an instant personal loan for self employed individuals differs for every lender. Banks also consider your location to adjust the criteria.

If you are applying for a personal loan from Airtel Flexi Credit, the personal loan for self employed eligibility criteria will differ depending on the lender partner. Currently, there are 3 lending partners for Airtel Flexi Credit.

• DMI Finance

• Money View

• IDFC Bank

We will list the eligibility criteria for all these partners.

Personal loan for self-employed – Money View eligibility criteria

Following are the eligibility criteria for an instant personal loan for self employed individual:

• Minimum monthly income of Rs. 15,000

• Income should be credited to a bank account, not in cash.

• The applicant must have a CIBIL score of 600 OR an Experian of 650 or above.

• Age limit from 21 to 57 years

Let’s look at the eligibility criteria followed by IDFC bank to give instant loan for self employed persons.

IDFC Bank eligibility criteria for a personal loan (self-employed)

There are certain criteria followed by IDFC bank to give personal loans for self employed with no proof of income individuals.

• Minimum applicant’s age should be 25 years old.

• The business should be in operation for 3 years.

• The applicant should not be more than 65 years old at the end of the loan period.

You can contact DMI Finance personally to know more about their eligibility criteria for instant self employed loan for individuals.

Now, let’s look at the list of documents required for a personal loans for self employed people in India.

Documents required for a personal loan for self-employed

The following are the documents required for personal loan for self employed:

• PAN Card

• Address Proof (Aadhaar card, Indian Passport, Voter ID, Driver’s License, Utility bills dated within the last 60 days)

• Last 3 months’ bank statements in PDF format

You also might have to show that your business is stable by producing a profit & loss statement, tax returns, and other documents.

Also, since you are looking to see if you are eligible to get a best personal loans for self employed or not, do check out what is the minimum salary required to get a personal loan.

Now, let’s look at the detailed process for an instant loan for self employed in India application with Airtel Flexi Credit.

How to apply for a personal loan for self-employed individuals in the Airtel Thanks app?

Follow the below easy steps to apply for a loan from Airtel Flexi Credit on the Thanks app:

• Download the Airtel Thanks app, a best instant loan app for self employed on your smartphone. It is available on both Google Play Store and App Store.

• Head to the ‘Shop’ section of the app.

• Now, tap on ‘Financial services’ to move forward.

• To start with the application, tap on ‘get personal loan up to 5 lakhs’ banner and start your application.

• Select the loan amount and start your application by putting in your personal details like your PAN card number, residential address, etc.

• Once done, tap on ‘next’ to proceed.

• After this, you will have to complete your KYC.

• Furnish the additional documents and complete the eMandate.

• Review your loan summary and complete the application.

You will be contacted by the lender for loan approval and disbursal.

You can track your loan application status on the Airtel Thanks app, your self employed personal loan app easily in the loan section. Moreover, if you don’t know about your credit score, you can check that too in the Airtel Thanks app.

Here’s how you can check credit score on the Airtel Thanks app

• Open the Airtel Thanks app.

• You will see a banner named ‘check credit score’ on the home screen of the app.

• Tap on it to check your credit score.

• You will have to enter your details like name, phone number, etc., for generating the report.

• It will take a few seconds to generate the complete report.

• Once generated, you can review and download it for future reference.

Related read: What is credit score and its importance?

In a nutshell, you don’t have to worry if you are a self-employed individual looking for best loans for self employed. Many lenders provide loans to self-employed people, given that all relevant documents are produced.

So, what are you waiting for? Initiate your personal loan application from Airtel Flexi Credit today and use the amount for building your business, or for any other personal expenses! Pay back your loan with easy personal loan EMIs!

FAQs

1. What is the list of documents required for NRI applicants or pensioners?
   For personal loans for self-employed individuals, the documents required include a PAN Card, address proof, and bank statements. NRI applicants and pensioners may need additional documents such as proof of overseas income, tax returns, or pension statements. The exact requirements will vary depending on the lender.

2. Do I have to submit the same set of documents in case I want to avail an instant personal loan or pre-approved personal loan?
   Yes, whether applying for an instant personal loan or a pre-approved loan, documents like a PAN Card, address proof, and bank statements are generally required. If you are self-employed, you may also need to provide additional proof, such as an ITR or proof of business stability, for a personal loan for self-employed in India.

3. How soon can I receive funds from a Personal Loan?
   With Airtel Flexi Credit, self-employed individuals can receive funds within 24 hours of loan approval, making it an easy personal loan for self-employed. The process is quick, with instant approval and fast disbursement through the app.

4. Do I need to provide security or collateral for a personal loan?
   No, personal loans for self-employed people from Airtel Flexi Credit do not require security or collateral. Even personal loans for self-employed with no proof of income can be availed with the right eligibility criteria and documents, though additional guarantees may sometimes be required by other lenders.

5. What is the Personal Loan EMI Calculator?
   A Personal Loan EMI Calculator helps you calculate your monthly EMI payments for a loan. When applying for a personal loan for self-employed individuals, you can use this tool to understand your repayment schedule based on the loan amount, interest rate, and tenure. Airtel Flexi Credit provides an easy way to calculate and manage your EMIs.